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19 May 2010 07:00
FOR IMMEDIATE RELEASE
19 May 2010 LONDON AND ASSOCIATED PROPERTIES PLC: INTERIM MANAGEMENT STATEMENT
London and Associated Properties PLC ("LAP" or "the Company"), the fully listed UK shopping centre and Central London retail property specialist, today reports that during the period from 1 January 2010 to 19 May 2010, it has enjoyed a satisfactory trading period despite continuing uncertainty in the UK economy.
In January we completed the sale of a freehold single shop let to Foxtons, the estate agency, in Upper Street, Islington for £3.8 million. This equates to a net initial yield of 5.75 per cent. Following this disposal our annualised rental income currently stands at £17.1 million.
Within LAP's portfolio, empty units account for only 2.2% of the company's total rent roll. LAP believes that its low tenant vacancies indicate there is still reasonable occupational demand for quality shops in the right locations.
We have always treated cash flow as a high priority. Cash collection remains strong and 99% of rents due on the March quarter day have been collected.
None of our term loans expire within the next 12 months and LAP remains within its banking covenants.
A cash interim dividend of 0.75p per share was paid on 22 January 2010 and a cash final dividend of 0.4p per share will be paid on 2 July 2010. In addition, bonus shares equivalent to 0.8p per share will also be issued on 2 July 2010. Shareholders on the register at the close of business on 4 June 2010 will be eligible for both the final cash dividend and the bonus shares.
Ends.
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